Ministry of Finance to submit to the National Assembly cut CIT to 20 percent from July 1, 2013

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The government assigned the Ministry of Finance to submit to the National Assembly for consideration and decision of the new corporate income tax (CIT) of 20 percent for small and medium-sized enterprises (SMEs) from July 1st, 2013.The rate would be 10 percent for income from social housing business, applying from July 1st, 2013.

The government has just issued Resolution No. 02/NQ-CP on a number of solutions to solve difficulties for businesses and support market. Under the Resolution, the government extended 6 months for payable CIT in Q1/2013 and extended 3 months for payable CIT in Q2 and Q3/2013 for SMEs (which have less than 200 employees and less than 20 billion revenue) and processing, manufacturing businesses which use intensive labours. Businesses in housing investment sector will enjoy tax payment extension for their income from housing investment activities. The government also extended 6 months for payable Value Added Tax (VAT) in Q1/2013 for SMEs, processing and manufacturing enterprises using intensive labours, businesses carrying housing activities (sale, lease, rent…) and producers of Iron, steel, cement, bricks, tiles which have been paid VAT under the deduction method. Refunding Environmental Protection Tax paid from January 1st, 2012 to November 14th, 2012 for nylon bags used in pre-packed products. In addition, the government also deduct 50 percent of land rent fees for 2013 and 2014 for businesses, households, individuals suffered payable rent fees under the government’s Decree No. 121/ 2010/NQ-CP dated December 30, 2010 exceeding 2 times of the paid fees in 2010.The Decree also stated that the fees applied for each vehicle to restrict personal vehicles on road will be not applied.

Source: StoxPlus


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